Net Income for the first nine months of 2012 -NIS633 million compared toNIS628 million for the first nine months of 2011, an increase of 0.8%.

Excluding the provision for impairment of the Bank's investment in the shares of the First International Bank, the Net Income for the first nine months of 2012 would have amounted toNIS706 million, an increase of 12.4% compared to the first nine months of 2011.

Net Return on Equity attributable to the Bank's Shareholders for the first nine months of 2012 - 7.7% compared to 8.2% for both the first nine months of 2011 and for the whole of 2011.

Excluding the provision for impairment of the Bank's investment in the shares of the First International Bank, the Net Return on Equity for the first nine months of 2012 would have reached 8.6%.

The Discount Group's Net Income for the first nine months of 2012 totaledNIS633 million, compared to NIS628 million for the first nine months of 2011, an increase of 0.8%.

The Return on Equity attributable to the Bank's Shareholders for the first nine months of 2012 was 7.7%, on an annual basis, compared to 8.2% for the first nine months of 2011.

Main factors affecting the Group's business results for the first nine months of 2012, compared to the first nine months of 2011:

- A decrease of NIS 116 million in net interest income (3.3%).

- A decrease of NIS 52 million in expenses for credit losses (9.9%).

- An increase of NIS 217 million in non-interest income (9.7%), affected mainly by an increase of NIS 183 million in non-interest financing income (181.2%), an increase of NIS 18 million in commissions (0.9%) and an increase of NIS 127 in severance pay fund profits. It should be noted that in the first nine months of 2011, other income included NIS 48 million from the sale of the index-linked notes operation and a receipt of NIS 67 million from an insurance company.

- An increase of NIS 59 million in operating and other expenses (1.3%), affected mainly by an increase of NIS 17 million in salaries and related expenses (0.6%) and an increase of NIS 45 million in maintenance and depreciation of buildings and equipment (5.3%).

- A provision for income taxes of NIS 300 million in the first nine months of 2012, compared to NIS 246 million in the first nine months of 2011, affected, inter alia, by an increase of NIS 25 million in the balance of deferred tax assets, as a result of changes in the tax rates.

- A decrease of NIS 48 million in the Bank's share in the operating income of affiliated companies, net of tax effect. This decrease was caused by a provision for impairment of the Bank's investment in the shares of the First International Bank in a net amount of NIS 73 million.

Main Balance Sheet Developments as at September 30, 2012:

- Total Assets increased by 1.4%, amounting to NIS 205.2 billion, compared to NIS 202.5 billion at the end of 2011.

- Net Credit granted to the public increased by 2.3%, amounting to NIS 119.0 billion, compared to NIS 116.4 billion at the end of 2011.

- Deposits from the public increased by 0.9%, amounting to NIS 154.7 billion, compared to NIS 153.4 billion at the end of 2011.

- The Equity attributable to the Bank's Shareholders increased by 8.5%, amounting to NIS 11.6 billion, compared to NIS 10.7 billion at the end of 2011.

- Total Equity increased by 8.4%, amounting to NIS 11.9 billion, compared to NIS 11.0 billion at the end of 2011.

Principal Financial Ratios (in percentages)
September 30 December 31
2012 2011 2011
Total Equity to Total Assets 5.8 5.4 5.4
Ratio of capital to risk assets 14.2 13.2 14.1
Core Capital ratio 8.4 7.6 8.1
Expenses for credit losses to credit
granted to the public 0.53 0.59 0.65
Net Credit granted to the public, to
total assets 58.0 59.6 57.5
Net Credit granted to the public, to
deposits from the public 77.0 79.4 75.9
Deposits from the public to total assets 75.4 75.0 75.7
Total Non-Interest Income to Operating
Expenses 55.5 51.3 50.2
Operating Expenses to Total Income 75.8 76.1 77.4
Adjusted Return on Risk Assets 8.3 8.1 8.1

Israel Discount Bank

Israel Discount Bank is a leading financial group in Israel. With nationwide coverage, Israel Discount Bank provides a full spectrum of corporate and retail financial products and services to its clients, both in Israel and key financial centers around the world. Israel Discount Bank is traded on the Tel-Aviv Stock Exchange under the ticker DSCT.

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